Gold dips as investors wait for US data
Gold edged down on Wednesday in Asia as investors kept a wary stance as they waited for the latest US jobs report. Data from the report could provide insight into the US Federal Reserve’s timeline for asset tapering and interest rate hikes.
Gold futures dipped 0.06% to $1,817.05 by 12:31 AM ET (4:31 AM GTM). The dollar, typically moving inversely to gold, inched up on Wednesday after falling to an over three-week low in the previous day.
The US Conference Board (CB) consumer index was 113.8, a six-month low. With labor market recovery a requirement for the Fed to begin asset tapering, the focus falls squarely on the jobs report, including non-farm payrolls, due on Friday.
SPDR Gold Trust holdings dropped 0.2% to 1,000.26 tons on Tuesday, the lowest level since April of last year.
In news on other precious metals, silver held steady at $23.88 per ounce, while platinum and palladium made 0.3% and 0.5% gains, respectively.